- oOh! Media has denied all claims it is working on a management buyout plan
- An article published by The Australian said oOh! Media could be next to disappear from the Australian Stock Exchange.
- The Australian believes the company is working on a management buyout
- However, oOh! is down 1.74 per cent on market close and is selling shares at $2.82 apiece
oOh! Media has denied all claims it is working on a management buyout plan.
On Monday, an article published by The Australian newspaper said oOh! could be next to disappear from the Australian Stock Exchange, as it believes the company is working on a management buyout.
“Sources say the management team has been under pressure to deliver in the public environment,” The Australian article wrote.
oOh!media replied quickly saying the allegations are false.
“The article is without any basis in fact,” said CEO Brendon Cook.
The company said it has not received any proposal regarding a management buyout nor are they in any discussions regarding a potential buyout.
oOh! is an Australian and New Zealand media company and is the largest billboard operator in Australia.
Brendon founded the company in 1989 and took over Here There & Everywhere’s outdoor advertising, Adshel for $570 million in 2018.
“The company remains focused on achieving organic growth by leveraging the reach and diversity of its product portfolio in the Out of Home media sector,” the company told the market
“oOh! is undertaking digital transformation increasing efficiencies, enhancing products and offerings and maximising shareholder value creation by delivering long-term sustainable revenue and earnings growth,” it added.
The company went into a trading halt earlier today before this announcement was posted.
However, oOh! is down 1.74 per cent on market close and is selling shares at $2.82 apiece.